WASHINGTON (dpa-AFX) - Oil traded higher for a second straight session on Wednesday after industry data showed a drop in U.S. crude inventories, reinforcing concerns over tightening supplies.
Additionally, a deal to resume exports from Iraq's Kurdistan stalled, pacifying some investor concerns about oversupply.
Benchmark Brent crude futures rose 0.2 percent to $67.79 a barrel in European trade, while WTI crude futures were up 0.2 percent at $63.52.
The American Petroleum Institute (API) estimated in a report that U.S. crude oil inventories fell by 3.82 million barrels in the week ending September 19, following last week's 3.42-million-barrel draw.
Gasoline inventories showed a draw of 1.04 million barrels for the week while distillate inventories showed a build of 518,000 barrels.
Meanwhile, a deal to restart Iraq's Kurdistan oil exports stalled on Tuesday as two oil producing firms asked for assurances their debts would be repaid.
New reports suggest that a breakthrough deal to restart oil exports through Turkey's Ceyhan port is just around the corner, though the exact timing remains uncertain.
Investors were also reacting to U.S. President Donald Trump's surprising rhetoric during a UNGA meeting.
Trump said he believed Ukraine could retake all its land occupied by Russia and that Kyiv should act now.
'I think Ukraine, with the support of the European Union, is in a position to fight and WIN all of Ukraine back in its original form,' the president said in a post on his Truth Social platform.
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